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I had an outstanding 401K loan in 2018 which I got 1099 for.
Hi, I had an outstanding 401K loan in 2018 which I got 1099 for. I've read that if I contribute amount of the loan to IRA before October 2019, then I can avoid paying taxes/penalties on it. I would li… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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Former employer has been carrying a defaulted loan amount
former employer has been carrying a defaulted loan amount from 2013 in my account. Should the employer submitted a 1099R within in 60-90 days of none payment? … read more
Angie
Angie
Bookkeeper, Tax Preparer, Office Manager
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I took a 401k loan for 27k that I'm considering defaulting
I took a 401k loan for 27k that I'm considering defaulting on. I'm in CA, what would I have to pay to the IRS next year if I default on the loan. I'm not 59 yet either. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I took out an early 401K distribution in 2016, was penalized
I took out an early 401K distribution in 2016, was penalized when I got my money and also taxed last year in 2017 on my taxes. I was making monthly payments to my company towards the loan, but got ter… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I default on my 401k loan due to illness an now dollars even
I default on my 401k loan due to illness an now dollars even though I I still paying the back this year. I started off in 2017 all good but things shift on July of last year … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I closed my failed small business, but for 2016 and 2017 I
I closed my failed small business, but for 2016 and 2017 I did not file my 1099R in which I borrowed $35,000 from my business Solo 401k. How should I file? A 1099R for 2016 and 2017; and I'm not sure … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Taxpayer off from employer October 2017 with severance pay.
Taxpayer laid off from employer October 2017 with severance pay. Employee has a 401(K) and has a $10,000 loan against the 401(K) balance. Before the lay off, he made 2 payments toward the loan. Since … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Ref loan on 401k, my company has merged with another company
my company has merged with another company and I want to transfer my present 401k to the new company's 401k but I have loan on the present 401k plan … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I borrowed 11.000.00 dollars from my 401k when I worked in
I borrowed 11.000.00 dollars from my 401k when I worked in Walmart. I am now told I have to pay it back by the end of the quarter, or I will default.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I took out a 401k loan 1n 2015 to buy first home (Loan $5000.)
I took out a 401k loan 1n 2015 to buy first home (Loan $5000.) I changed jobs before my loan was repaid and my former employer sent me a 1099R for $3881 representing my unpaid balance. I'm 28 years ol… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
If I choose to take my 401k and roll it into an IRA because
If I choose to take my 401k and roll it into an IRA because I was laid off with my current company, how does that work? I currently have a loan out on it, and will be sent to default if not paid. Can … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I defaulted on a 401k loan in 2009 and just now got a 1099
i defaulted on a 401k loan in 2009 and just now got a 1099 form. can i request from my employer for them to correct the 1099 to reflect the actual year that i defaulted? thank you, tabetha… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I asked earlier about 1099Div I received this year and where
Richard, I asked earlier about 1099Div I received this year and where the tax should be reported since I moved to another state. You answered that question for me. I have one more, I also had a loan a… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,937 satisfied customers
I took out a loan on my 401K plan in 2014. I defaulted but
I took out a loan on my 401K plan in 2014. I defaulted but started paying loan back in November. Do I need to claim this on this years tax form?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,620 satisfied customers
I defaulted on a 401K loan in 2010 because of several reasons,
I defaulted on a 401K loan in 2010 because of several reasons, mostly because a lay-off, and trying to keep my house from foreclosure. Since then I got divorced and had to pay part of the remaining 40… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,895 satisfied customers
Due to termination of employment, (age 43) I cashed in my 401K.
Due to termination of employment, (age 43) I cashed in my 401K. The market value was 122781.49, they added in a loan of 25545, which was listed as defaulted, as no payments were being made due to unem… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,260 satisfied customers
AT&T purchased Dobson and my employment terminated in 2008.
AT&T purchased Dobson and my employment terminated in 2008. In 2010 I needed a distribution from my old 401K. I looked it up on Fidelity.com and found I could take a loan. I set the loan up and receiv… read more
socrateaser
socrateaser
1,506 satisfied customers
I took out a 401K loan in jan 2009. I made only two or the
I took out a 401K loan in jan 2009. I made only two or the required payments in 2009. My employeer did not report the loan as a distribution on a 1099R. Do I need to include it in 2009 income?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
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